VOTING DISCLOSURE

BBC Pension Trust

This is a brief description of votes cast by The BBC Pension Trust based on advice and analysis provided by Hermes EOS. Underlying this summary information is a substantial amount of work by EOS, which has contacted many companies during this period in order to address and resolve concerns.

The BBC Pension Trust will always support the recommendations of a company's board unless it has a good reason not to do so. All voting decisions are taken in the best interests of the Trust's beneficiaries as long term shareowners.